Weekly economic review & outlook Solid data, but below expectations
August 02, 2021
You Need to Know
Week in review
Strong underlying GDP growth, but the top line disappoints
While strong, the headline number for GDP growth in the second quarter missed expectations.
New home sales fall again
Held back by supply and labor constraints as well as elevated prices, new home sales fell for a third straight month.
Week Ahead
Forecasts
ISM indices expected to climb
Demand likely continued to drive strong growth in manufacturing and services despite both sectors facing high input prices and labor shortages.
Another outsized gain likely for nonfarm payrolls
Although labor supply remains a limiting factor, very strong labor demand likely produced another large gain in nonfarm payrolls in July.
While strong, the headline number for GDP growth in the second quarter missed expectations. Additionally, new home sales fell for a third straight month, held back by supply and labor constraints as well as elevated prices.
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